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Big Ed’s car dealership is running a special on 2008 trucks. Big Ed offers financing at a rate of 6. 71% on a loan with a term of 36 months, but he requires the customer to make a down payment of 15% of the cost of the vehicle. You are interested in a Car Crusher truck that costs $25,230. Not including the down payment, how much will you pay over the lifetime of the loan? a. $27,924. 84 c. $23,735. 88 b. $25,789. 32 d. $21,445. 50.

Sagot :

valeriemartin860

Answer:

Correct answer: a.

Computation:

{eq}\begin{align*} {\rm\text{Present}}\;{\rm\text{value}}\;{\rm\text{of}}\;{\rm\text{an}}\;{\rm{annuity}}\;

Step-by-step explanation:

Financing:

Financing is generally the method to provide funds to the business so that the business can grow its operations. There are generally two types of financing. These are: Equity financing and debt financing. In debt financing, there is no obligation and burden to repay the funds acquired by it. Debt Financing is comparatively Cheaper than the Equity Financing.So The Answer Is A

The amount that you pay over the lifetime of the loan is $21,445.5. Then the correct option is D.

What is the percentage?

The amount of something is expressed as if it is a part of the total which is a hundred. The ratio can be expressed as a fraction of 100. The word percent means per 100. It is represented by the symbol ‘%’.

Big Ed’s car dealership is running a special on 2008 trucks.

Big Ed offers financing at a rate of 6.71% on a loan with a term of 36 months, but he requires the customer to make a down payment of 15% of the cost of the vehicle.

You are interested in a Car Crusher truck that costs $25,230.

Not including the down payment, the amount that you pay over the lifetime of the loan will be

⇒ (1 - 0.15) × $25,230

⇒ 0.85 × $25,230

⇒ $21,445.5

More about the percentage link is given below.

https://brainly.com/question/8011401

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